Taxes Consolidation Act, 1997
Woodlands. [CGTA75 s51(1) and Sch1 par12] |
564.—(1) In the computation under this Chapter of the gain accruing on the disposal by an individual of woodland, there shall be excluded— | |
(a) consideration for the disposal of trees growing on the land, and | ||
(b) notwithstanding section 535 (2), capital sums received under a policy of insurance in respect of the destruction of or damage or injury to trees by fire or other hazard on such land. | ||
(2) In the computation under this Chapter of the gain, so much of the cost of woodland as is attributable to trees growing on the land shall be disregarded. | ||
(3) References in this section to trees include references to saleable underwood. |